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- European session review: USD trades mixed as investors prepare for Fed's meeting
European session review: USD trades mixed as investors prepare for Fed's meeting
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 06:30 | Switzerland | Producer & Import Prices, y/y | May | 1.8% | 3.2% | |
| 09:00 | Eurozone | Industrial Production (YoY) | April | 11.5% | 37.4% | 39.3% |
| 09:00 | Eurozone | Industrial production, (MoM) | April | 0.4% | 0.4% | 0.8% |
USD traded mixed against its major counterparts in the European session on Monday as investors looked for the June monetary policy meeting of the U.S. Federal Reserve later this week. It rose against GBP, fell against AUD and NZD, and changed little against EUR, JPY, CHF and CAD.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, slipped 0.12% to 90.45.
The outcomes of the meeting will be announced on Wednesday at 18:00 GMT, and the Fed's Chairman Jerome Powell will follow with a press conference at 18:30 GMT.
While the U.S. central bank isn't expected to make any changes in its ultra-low interest rates or begin trimming its $120 billion in monthly asset purchases, market participants will be monitoring the Fed’s updated policy statement and Powell’s comments closely for the forecasts on the U.S. inflation pressures and the strength of the economic recovery.
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